It's no more a waste of time than any other hobby in existence. Some people play cards, that just as big a waste of time. Free time is called that for a reason, its yours to do what you choose. If you like playing games, then you can play games. Other people do different things, but fundamentally, they're not all that different. Movies, books, any sort of entertainment can be labeled this same way. No one complains about time wasting when people are watching the Super Bowl, but it's fundamentally the same.
Well, the economy hasn't entirely recovered yet, and as a piece of entertainment games tend to be cut out quickly. Since it has become harder to get people's money, the game industry has fallen back on safer bets. IP that has been proven to make money gets used to reduce risk, and there is substancial risk as games take so much money to produce now. Everyone seems to be pretty hard on the money aspect of gaming, but the reality is someone has to pay for games to get made. Because of that, they have to sell. Most starving artists don't have the money needed to make things only for the love of it. They still have to eat, after all. Many have families that need cared for. The business and profit aspect of games is here to stay.
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